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Accounts - Principles of Accounts Past Questions

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The net profit or loss for the year is determined in profit and loss account after
  • A. deducting purchases from sales
  • B. deducting cost of goods sold from sales and adding administrative expenses
  • C. adding commissions received to gross profit
  • D. eliminating all expenses from gross profit and adding any other income
View Answer & Discuss (26) JAMB 1994
If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
  • A. income in the profit and loss account
  • B. income in the balance sheet
  • C. additional cash in the profit and loss account
  • D. expense in the balance sheet
View Answer & Discuss (1) JAMB 1994
Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be
  • A. N23,000
  • B. N29,000
  • C. N36,000
  • D. N43,000
View Answer & Discuss (11) JAMB 1994
From which of the following sources are creditors control account most likely to be posted?
  • A. supplier's invoices
  • B. cash disbursements journal
  • C. subsidiary debtors ledger
  • D. purchases journal
View Answer & Discuss (3) JAMB 1994
Which of the following categories of labour cost will be classified as direct?
  • A. accountant's salary
  • B. factory workers' salary
  • C. managing director's salary
  • D. cashier's salary
View Answer & Discuss (3) JAMB 1994